In its struggle to survive under Chapter 11...

MODEL AUCTION.

April 23, 1990

MODEL AUCTION. In its struggle to survive under Chapter 11 bankruptcy, Braniff Inc. is selling even its smallest assets. The latest: U.S. Bankruptcy Judge C. Timothy Corcoran III approved the Orlando-based airline's proposed sale of 15 watercolors and four model airplanes. Painted by Alexander Calder, the models are considered collectibles that could fetch as much as $50,000 each. Christie's plans to auction the items next fall in New York.